GST has completed its first financial year (July 17 – Mar 18) and there are certain critical issues to be considered by the taxpayers on or before 30 September 2018. Certain critical areas requiring urgent attention is captured in the article
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
Short Term Course on GST- Input Tax CreditSandeep Gupta
This module deals with Input Tax Credit, an important element of GST. This module states the eligibility to avail ITC and events when ITC can not be availed.
GST REGISTRATION
Pre 1st July 2017, a manufacturer, trader, retailer or any other business was filing returns in respect of various compliances – Excise, VAT, Service Tax, Sales Tax, Income Tax etc. with separate returns for each of them. A continuous process of filing returns – monthly, quarterly, half-yearly and yearly existed and businesses were kept occupied throughout the year by filing one or the other return.
Maintenance of Accounts and Records, GST compliances and process of GST return filings. Type of Return under GST. Return under CGST, SGST, IGST. GSTR1, GSTR2, GSTR3,
#GST Invoice Under Reverse Charge & Other Compliance's# By SN Panigrahi SN Panigrahi, PMP
#GST Invoice Under Reverse Charge & Other Compliance's# By SN Panigrahi,
Essenpee Business Solutions,
Understanding Reverse Charge Mechanism (RCM),
Manner of Payment of GST under Reverse Charge,
Availing Input Tax Credit (ITC) on Reverse Charge by Recipient,
Reporting RCM Details in GSTR -1,
Reporting RCM Details in GSTR – 3B,
Availing ITC by the Recipient,
Budget 2017 - Clause by clause analysis of amendments to direct tax laws (Par...D Murali ☆
Budget 2017 - Clause by clause analysis of amendments to direct tax laws (Part 3) - V. K. Subramani - Article published in Business Advisor, dated March 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Optitax's presentation on critical changes in gst law 01 feb 19Nilesh Mahajan
The Government has brought some key changes in GST law in an attempt to simplify GST further.
We have tried to capture these changes and also explained some of the changes in flow chart form for better understanding.
In this regard, please find attached Optitax’s presentation on ‘CRITICAL CHANGES IN GST LAW’
Further, the said presentation also explains levy of security services under reverse charge mechanism
Critical compliance for rectification of errors pertaining to fy 17 18 to be ...Nilesh Mahajan
Critical compliance for rectification of errors/omissions pertaining to Financial Year 2017-18 to be taken care in the GSTR-1 return for the month of September 2018
The Government has enacted the CGST (Amendment) Act, 2018, the IGST (Amendment) Act, 2018, by publication in official Gazette to amend the respective GST Acts.
In this regard, we have captured major amendments in CGST Act, 2017 and IGST Act, 2017 for your perusal
The Government has enacted the CGST (Amendment) Act, 2018, the IGST (Amendment) Act, 2018, by publication in official Gazette to amend the respective GST Acts.
In this regard, we have captured major amendments in CGST Act, 2017 and IGST Act, 2017 for your perusal
Optitax's presentation on 2A reconciliationNilesh Mahajan
2A reconciliation is very important provisions under GST. As it will directly affects your credits on inwards supplies from registered persons. In this presentation we have tried to capture the provisions and practical aspect for such reconciliation
Optitax's presentation on implication of gst on related party 10.06.2018Nilesh Mahajan
In this presentation we have tried to highlight the implication of GST on related party transactions. Everyone should be aware that under GST if there is any transaction with related party then valuation aspect to be kept in mind.
Optitax's presentation on hot button topics under gstNilesh Mahajan
In this presentation we have covered contentious issues under GST which should be addressed by the Government in GST law or clarity should be provided for such issues
Optitax's presentation on construction services Nilesh Mahajan
This presentation is updated till May 2018. In this presentation we have captured all provisions relating to construction industry including its comparison with pre GST period provisions
Optitax's presentation on 'has gst stabilised, yes and no' 3 feb 18Nilesh Mahajan
This presentation includes following topics:
1. Major changes in GST from it’s implementation
2. Budgetary changes under Indirect Taxes
3. Grey areas under GST - Clarity required
4. E-way bill implementation
5. GST compliance - Our request
Optitax's updated sop on e way bill 30 jan 2018Nilesh Mahajan
Optitax's has prepared SOP on e-Way Bill implementation to help taxpayers to generate the eway bill. Further, we have explained legal provision also for ease of reference.
Hope this is helpful
In Union Budget 2016-17, Government of India imposed excise duty on jewellery sector. However, Excise law can not be applicable as it to this sector due to its own conventional way of doing business. Hence, after meeting with some of jewellers We come up with some peculiar difficulties and tried to find out possible best solutions for that difficulties.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
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The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
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2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Critical compliance under GST to be taken care of before 30 September 2018
1. Optitax’s
Critical compliance under GST to be taken care of before 30 Sept 2018
GST has completed its first financial year (July 17 – Mar 18) and there are certain critical issues to be considered
by the taxpayers on or before 30 September 2018. Certain critical areas requiring urgent attention is captured
below:
• Outward supply:
In terms of Section 34(2) of CGST Act 2017, the Company is entitled to adjust the output liability in respect
of credit note(s) issued for the outward supply of goods or services or both pertaining to the period of July
to Mar 2018 till the end of 30 September 2018, beyond which the adjustment of output liability will not be
allowed. Further, please note invoice(s)/debit note(s) which are not declared in the respective month’s
returns will attract interest at the rate of 18%
• Inward supply:
In terms of Section 16(4) of CGST Act, 2017, the Company is entitled to claim ITC in respect of invoice(s) or
debit note(s) for supply of goods or services or both after the due date of furnishing of the return under
section 39 for the month of September following the end of financial year to which such invoice(s) or
invoice(s) relating to such debit note(s) pertains. Accordingly, credit can be availed for the period of July
2017 to Mar 2018 till the end of 30 September 2018 only, beyond which the unclaimed ITC will be lapsed
• Requirement for reconciliation of inward supply with Form GSTR – 2A:
ITC on inward supply of goods or services or both received from supplier is available on provisional basis to
the Company for two months subject to the conditions that the supplier should file respective GST return
and discharge appropriate GST liability on such outward supply made by them.
In case where the supplier fails to file return or pay the appropriate GST on his outward supply then the
Company is not entitled to retain such ITC availed on provisional basis and the same is required to be
reversed. Accordingly, considering this it is very important to reconcile the inward supply received by the
taxable person with GSTR 2A/GSTR 6A (ISD) returns downloaded from the GSTN portal. Further such
reconciliation between the inward supply recorded in the purchase register of the Company with the inward
supply recorded in GSTR 2A to identify inward supply not uploaded by the suppliers in their GSTR 1 return
or identify inward supply uploaded by the supplier but not recorded by the Company. This becomes all the
more critical since in terms of Section 16(4) of CGST Act, 2017, the Company is entitled to claim ITC in respect
of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the
return under section 39 for the month of September following the end of financial year to which such
invoice or invoice relating to such debit note pertains. Accordingly, credit can be availed for the period of
Optitax’s
C-26/11, Ketan Heights, Near Rahul Nagar, Kothrud, Pune 411038
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2. July 2017 to Mar 2018 till the end of 30 September 2018 only, beyond which the unclaimed ITC will be
lapsed
• Reversal of ITC on common inward supply used for taxable as well as exempted supply:
Where the taxpayer has availed any common input services which are used for providing taxable as well as
exempt supply the taxpayer is required to calculate and reverse every month the portion of such common
credit attributable to exempt supply provided by them. Further, the taxpayers is also required to calculate
the aggregate amount of reversal for the entire financial year by end of September of the succeeding
Financial year and in case where such monthly reversal falls short of the annual reversal the said difference
is required to be paid along with interest.
However, where the aggregate of the amount for the period July 17 to March 18 is less than the actual
amount reversed in respective months then re-credit of such excess ITC can be claimed by the taxpayers in
his return not later than the month of September 2018
• Discharge of reverse charge liability on certain services received by the Company such as Ocean freight
etc., and availment of ITC on the same:
In terms of Notification 13/2017 Central Tax (Rate) and Notification 10/2017 Integrated Tax (Rate)
taxpayers are required to discharge tax under reverse charge mechanism on certain Notified supplies such
as Ocean freight, Import of service, GTA, Legal Consultancy received from Advocates, Sponsorship
services, Services provided by Director of a Company etc., received by them. In such cases in view of
provisions of Section 16(4) of the CGST Act, 2017, We believe tax on such supplies received during the
preceding financial year needs to be discharged on or before September 2018 so as to enable the
Company to avail ITC on or before 30 September 2018.
DISCLAIMER: The views expressed are strictly of the Optitax’s Consulting LLP. The contents of this article are solely for informational
purpose. It does not constitute professional advice or recommendation of firm. firm and its affiliates shall not accept any liabilities for
any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon